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Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
The alternative category of withholding tax pertains to nonresident aliens, ensuring proper taxation on income derived from within the United States. A nonresident alien is defined as an individual who is foreign-born and has not met the criteria of either the green card test or a substantial presence test.
Tax on cash withdrawal is a form of advance taxation and is a strategy to keep tax evasion in check. This mode of tax collection is also called the presumptive tax regime. Globally, 3 countries are known to consider this approach namely, Pakistan, [1] India [2] and Gree
A tax incentive is an aspect of a government's taxation policy designed to incentivize or encourage a particular economic activity by reducing tax payments. Tax incentives can have both positive and negative impacts on an economy. Among the positive benefits, if implemented and designed properly, tax incentives can attract investment to a country.
In India, a Tax Deduction and Collection Account Number (TAN) is a 10 digit alpha-numeric number issued by the Income Tax Department to the persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961.
Tax advantages provide an incentive to engage in certain investments and accounts, functioning like a government subsidy. For example, individual retirement accounts are tax-advantaged since they are tax-deferred. By encouraging investment in these accounts, there is a reduced need for the government to support citizens later in life by ...
An economic development incentive is known as "cash or near-cash assistance provided on a discretionary basis to attract or retain business operations." [1] These benefits principally encompass tax and economic incentives provided by federal, state, or local governmental bodies.
A payment surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card, debit card or an e-money account, [1] but not cash, which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [2]